He’s using the Zillow metric for the month-over-month change and the delta for the Case-Shiller Index should be similar – San Diego home prices have been going up close to 2% per month in early 2024.
The increases could hold up too, if rates come down substantially (doubtful) or sales dry up and just the creampuffs are selling (likely).
Where to move? Every city that lost ground when rates went up are reporting small gains this year so it appears that national market conditions are stabilizing. You don’t have to worry too much about moving to town that will be more risky than any other.
Boise isn’t on this list but Susie reported that a new subdivision being built there had put their first home up for sale at $1,599,900 for a 3,250sf one-story house. She and her husband, plus four other couples, wanted to buy it – even though she has a fine newer home (built by the same builder) and a 2.85% mortgage. She said that it has been a buyer’s market recently in Boise, yet it demonstrates that the superior homes still draw a crowd (she lost out on the new home – the builder took an all-cash offer from a local Boise couple).
Why “(For Now)? Where do you think the market is headed? Thanks.
It has to be heading for the Big Stallout for the second half of 2024.
All of the best listings will sell during the traditional selling season, and just the leftovers will linger unsold through the end of summer.
The political circus should cause buyers to want to wait-and-see what happens too, and without any significant Fed moves (one 0.25% drop isn’t going to change anything), the only action will be the successful lowballers – but they will be getting inferior homes (fixers).